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Thursday, 10 June 2021

Ebtikar sets IPO deadline by 4Q2021

Ebtikar has narrowed the deadline for its planned EGX debut to 4Q2021, after having eyed a larger window within 2H2021 to pull the trigger on its IPO, Omar El Labban, the IR director of majority shareholder B Investments, told Enterprise. The non-banking financial services player recently finished spinning off most activities that aren’t related to e-payments, a process it wanted to complete before listing, El Labban added.

Size of the offering TBD: Ebtikar is still working with its IPO lead manager EFG Hermes to determine the size of the sale and how much it’s targeting to raise.

What does Ebtikar do? Ebtikar runs e-payments platforms Bee and Masary. To prepare for the IPO, it spun off several other non-e-payments businesses that were under its umbrella including microfinance provider Basata Microfinance (previously Vitas Egypt) and mortgage and consumer finance player Tamweel Holding into newly set-up company Basata Financial Holding.

The sale of a 20% stake in each of Bee and Masary to Vodafone Egypt is due to be finalized “in the next few days,” sources speaking to Al Mal today said. The talks were announced last February, but the value of each of the two stakes is yet to be made public.

Who owns what? Ebtikar and Basata are both jointly owned by B Investments (50.1%) and MM Group (49.9%).


Real estate player Tabarak Holding is planning an EGX debut next year, and expects to raise up to EGP 1 bn from selling 30-40% of its shares on the main market, the company’s CEO and chairman, Ali El Shorbany, told Reuters. The company is looking to draw EGP 1 bn from the move, El Shorbany added.

But who is it? Tabarak’s notable developments include the 90 Avenue compound in South Teseen street, West Avenue on the other side of Greater Cairo, and Fantasia in Ras Sudr, among others. It’s targeting to grow its sales by an ambitious 75% this year after hitting a topline of EGP 480 in 2020, El Shorbany told the newswire. The company also has a land bank of 5 mn sqm, 3.6 sqm of which is an undeveloped stretch near the Cairo side of the Alex desert road.

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